1901 Glenburnie Rd New Bern, NC 28562-5224

Property Details for 1901 Glenburnie Rd

Year built

1998

Lot size

1.72 lot acres

Property size

6,050 SF

Property type

Community centers

APN

8-208 -053

APU

8208053

Description

This exceptional investment opportunity presents a fee-simple ownership of an 18,000-square-foot, single-story Advance Auto Parts building situated on a 0.9-acre lot in New Bern, North Carolina. The property boasts a strong 6.35% cap rate, generating a substantial net operating income (NOI) of $160,037 annually. The absolute NNN lease with Advance Auto Parts, a publicly traded company (NYSE: AAP), provides a corporate guarantee and extends until June 30, 2034, with six five-year renewal options. Built in 1998, this Class A property enjoys 100% occupancy and benefits from a 10% rent increase every five years. The location is highly visible and accessible, situated on S. Glenburnie Rd (20,000 vehicles per day), with excellent ingress/egress and a dedicated turn lane. The property is surrounded by other major retailers, including Target, Publix, HomeGoods, Five Below, Academy Sports, and Hobby Lobby. The current rent is significantly below market value, presenting a substantial opportunity for future NOI growth through market rent adjustments. The asking price is $2,520,000, translating to $140 per square foot. This is a rare opportunity to acquire a secure, high-performing, and appreciating asset with significant long-term potential.

Location Insight

City

New Bern

County

Craven

State

North Carolina

Longitude

-77.0994

Latitude

35.1054

CBSA code

35100

CBSA name

NEW BERN, NC MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments